Half Year 2024 Thungela Resources Ltd Trading Statement Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Morgan - Morgan Stanley - Analyst : Hi. Thanks, guys. Deon, could you chat to us about the discount at Ensham excluding the contract sales? So basically, what was the price realization on spot?

Question: Brian Morgan - Morgan Stanley - Analyst : Okay, cool. Would you expect discounts to narrow if NEWC prices were to fall?

Question: Brian Morgan - Morgan Stanley - Analyst : Okay. So back of the envelope sort of calculations, it looks like about a ZAR400 million refund due to those customers. Is that in the ballpark?

Question: Brian Morgan - Morgan Stanley - Analyst : Okay. So call it $20 million or about ZAR400 million. Is that baked into that cash guidance that you have given us for the end of June?

Question: Brian Morgan - Morgan Stanley - Analyst : Okay. Last question for me, Deon. You've spoken in the past about like a minimum cash buffer so you've obviously got the ZAR1.8 billion, which would come out of that number -- that cash balance that you guide. Is there like a minimum cash level that you guys look at the moment or has that changed or could you just give us some light on that?

Question: Brian Morgan - Morgan Stanley - Analyst : That's very good. Thank you, Deon.

Question: Tim Clark - SBG Securities - Analyst : Thanks, I hope you can hear me. Just a couple of quick questions. The first one is just on marketing. You're taking over the marketing now. I just wonder if you've got a preliminary assessment on what you think the financial impact of the reduced cost of the potential for better realizations could be, or if there's any thoughts on that. Let's start with that one. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 18, 2024 / NTS, TGAJ.J - Half Year 2024 Thungela Resources Ltd Trading Statement Presentation

Question: Tim Clark - SBG Securities - Analyst : And just any thoughts on early indications of what you could do on pricing? Do you think there's a price benefit that can still be reaped? Or do you think that there we're achieving the right or the --?

Question: Tim Clark - SBG Securities - Analyst : Perfect. And just a very quick one, an easy one. Just the stock qualities in your current inventory level. I guess I was writing furiously, and I missed the -- how much of the 48 is sitting in the current inventory?

Question: Tim Clark - SBG Securities - Analyst : Okay, perfect. Just on Transnet. Just listening to everything you've said about the three derailments, the run rate, the necessary step up. Assuming there's no derailments, there's also maintenance or there's shutdown times in the second half. And my overall sense was that maybe you're not being optimistic, but it's a better case scenario that you're painting. The current -- the chance of derailments recurring seems to be there. And then they've got to do maintenance. So it will be a hell of a stretch to reach some of those upper-end targets. So that was my sense. Is that too aggressive?

Question: Tim Clark - SBG Securities - Analyst : Thanks so much. Very helpful. Thanks.

Question: Ben Davis - Panmure Liberum - Analyst : Hi Deon, how's it going?

Question: Ben Davis - Panmure Liberum - Analyst : Very good. Thanks for the call. Just a couple of questions from me. Firstly, on the surety bond for Ensham, are you able to give an idea on the quantum of that and the mechanics? Is that the final instrument or is there a rehabilitation fund to also pay into subsequent to this?

Question: Ben Davis - Panmure Liberum - Analyst : Got you. Great. And just taking a step back, and I appreciate this is very early days, but obviously with the South African election result, it's not what we would have all expected. Is there anything -- any opinions you have on what it can mean for Thungela, for Transnet, for the wider mining industry? Just any opinions on what you think this could mean.

Question: Ben Davis - Panmure Liberum - Analyst : Got you. Perfect. That's very helpful. Thanks, Deon.

Question: Brian Morgan - Morgan Stanley - Analyst : Deon, while we still got 20 minutes. You've got costs guided towards the bottom end of your guidance range. Could you just give us a bit of -- flesh that out for us a little bit more? And might you be reducing that guidance range in your report?

Question: Brian Morgan - Morgan Stanley - Analyst : Okay, that's fine. Thank you.